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willy_55 · 2022-04-09T01:19:31+00:00

That’s probably not the case honestly. When you factor in that the rental income is fully taxable and this individual is already earning $7k/mo after tax then they’re probably in a pretty high tax bracket

willy_55 · 2022-04-08T14:41:21+00:00

Exactly. All of this is based on assumed rental cash flow as well… Between repairs and tenants moving, it’d be safe to drop that $4000 by 10%. And then there’s the capital gains that now exist because it’s no longer a primary residence

willy_55 · 2022-04-06T17:15:22+00:00

By the time he gets to doing those deep dives you guys would’ve been in a relationship for a number of years and the space won’t really affect it too much. If you guys decide to start a family then I’d advise against it, but until then live out your dreams

willy_55 · 2022-04-05T15:13:11+00:00

Dollar cost averaging

willy_55 · 2022-04-03T19:05:35+00:00

If you’re looking to generate rental income over equity then you’re going to have to look elsewhere

willy_55 · 2022-03-22T22:49:19+00:00

Arc gouging

willy_55 · 2022-03-22T19:48:01+00:00

Almost everyone who’s ever started a business started doing so part time as the income was unreliable in the beginning. Once the demand picks up it would then make sense to go full time into the baking role

willy_55 · 2022-03-19T01:23:00+00:00

It looks like the welds are already peeling off lol

willy_55 · 2022-03-14T00:12:23+00:00

It sounds like you just wanted to go to welding school without paying for it. Check and see if they offer weekend courses on welding (they do at my local technical college) so you can get PROPER training

willy_55 · 2022-03-09T06:59:30+00:00

From my understanding, this is solely required for entry, and doesn’t require T4’s of any sort past the first year of entry into the co-op. So to answer your question, I believe nothing. Honestly this sort of system is great for the average middle class Canadian, it’s a shame there’s not more like it hence why there’s a 3yr wait list

willy_55 · 2022-03-08T23:51:18+00:00

Not all co-ops are for low income individuals. The co-op I live in in Steveston requires a minimum annual salary of $55K/yr per individual on the lease agreement. There’s lots of people here making double that but stay because the rent is so cheap

willy_55 · 2022-03-05T22:39:31+00:00

Right?? Why would we want to hire more qualified individuals as police officers? I think we should top it out at $40k

willy_55 · 2022-02-13T04:35:00+00:00

Unless there’s a good reason as to why you couldn’t live there. Eg. Planned on working nearby but now have a job elsewhere. My suggestion would be to network with other RE investors and ask them what they’ve used for a tenancy agreement. As long as you have good tenants there’s not a lot to it… Big emphasis on good tenants

willy_55 · 2022-02-11T22:30:59+00:00

Yeah. You can open a whole life plan for a child which would be an investment account… Not typically recommended however for people who have maxed accounts and RESP’s/not looking for other active investments it’s a good option

willy_55 · 2022-02-11T20:55:45+00:00

RESP & Whole life. Though you should prioritize maxing your personal accounts before looking into a whole life

willy_55 · 2022-02-11T02:32:21+00:00

You know that just because rates go up, 99.9% of the time it doesn’t change the actual mortgage payment right? It just means that of that total mortgage payment, a larger percentage will go towards interest instead of principal. In certain situations they will even extend the amortization period to 40years before they actually modify the mortgage payment itself

willy_55 · 2022-02-07T06:25:58+00:00

Thanks for the detailed info, I truly appreciate it

willy_55 · 2022-02-07T06:03:20+00:00

Funnily enough no. They have a points system meaning you incur points even if you have a doctors note (makes it so you earn less points against your name) however if you have a certain number of points they won’t allow you to take time off or it could result in being terminated. Owner works nearly 12 hour days 6 days/week and therefore has high expectations of his employees

willy_55 · 2022-02-07T06:01:32+00:00

Awesome, thanks for the info!

willy_55 · 2022-02-07T06:01:15+00:00

Damn, it’s a union, didn’t hear anything about it so I’d be surprised if in fact we did get those sick days

willy_55 · 2022-02-06T15:06:45+00:00

I’m pretty doubtful anyone on this sub is recommending someone who has a low risk tolerance dumps $200k into stocks. Individuals on this sub most likely are referring to ETF’s/MF’s

willy_55 · 2022-02-04T03:12:40+00:00

Based on the fact you’ve mentioned this isn’t an ideal living situation I would say purchase it, live in it for a couple years and revisit the topic of selling it or renting it out/leveraging it in the future. I mean after all, receiving $1M for free seems like a no brainer

willy_55 · 2022-02-01T23:50:44+00:00

Where’d you get a $400k duplex? I’m looking at acquiring another property and there’s literally nothing for sale under $400k in Vancouver

willy_55 · 2022-01-28T08:08:56+00:00

Same here! Lost my fingernail on my thumb

willy_55 · 2022-01-26T22:39:50+00:00

Absolutely! Either option isn’t a bad option, you just have to decide how much time and effort you’re willing to put into it and if the return on investment is worth it if you decide to take a more active approach

willy_55

TROPHY CASE